Escorts Limited
Escorts Limited informed that its net profit of ₹92.2 crore in the quarter ended June 30, 2020, up by 5.3%, as against a profit of ₹87.5 crore in the corresponding quarter of the previous fiscal and as against ₹140.4 crore in the sequential quarter. Revenue from operations came at ₹1,061.6 crore as against ₹1,423.0 crore in the corresponding quarter and ₹1,380.7 crore in the sequential quarter. EBIDTA for the quarter ended June 30, 2020, was at ₹119.6 crore against ₹142.4 crore in the quarter ending June 2019. EPS reported at ₹7.71 as against ₹7.32 in the corresponding quarter and ₹11.75 in the sequential quarter. At consolidated level revenue from operations at ₹1,089.3 crore as against ₹1,440.5 cores in the corresponding quarter. Consolidated net profit recorded at ₹ 92.6 crore in the quarter ended June 30, 2020, up by 5.6%, as against a profit of ₹87.7 crore in the corresponding period last fiscal. Due to unprecedented COVID-19 pandemic situation during this period, the financials for the quarter ended June 2020 do not represent normal operations and to that extent are not strictly comparable with any normal quarter.

Chairman and MD, Nikhil Nanda, said, "We are maintaining business continuity and ensuring the safety of our employees, stakeholders & partners aligned to government advisories. In this pandemic, we are trying to find new and innovative ways to connect with our customers and providing them with un-interrupted product distribution & service. Rural demand in agriculture has been encouraging and the government focus will aid to the sector in helping farming to continue the momentum. Amidst the challenging environment, while we have witnessed a revival in our agriculture business this quarter, our construction and railway business have been impacted because of lockdown and related issues across geographies. We will see a recovery soon as the market situation gets better and the economy across layers improves. We are optimistic about the coming quarters and hope that the efforts will help in containing the crisis and the global economy will be on its strength again."

Segmental Performance

Escorts Agri Machinery (EAM)

Tractor sales volume for the quarter ended June 2020 were 18,150 tractors as against 21,051 tractors in the corresponding period last fiscal. Segmental revenues came at ₹953.5 crore in the quarter ending June 2020 as against ₹1,092.0 crore in the corresponding period last fiscal. Despite lower volumes, EBIT margins for Agri Machinery Business went up by 356 bps to 14.5% against 10.9% last year same quarter due to improved product mix, lower costs and continued soft commodity prices.

Escorts Construction Equipment (ECE)
Construction equipment sales volumes for the quarter ended June 2020 were at 234 machines as against 1,067 machines in the corresponding period last fiscal. Segmental revenues came at ₹52.5 crore in the quarter ending June 2020 as against ₹212.2 crore in the corresponding period last fiscal.

Most of the sales were recorded in last month of the quarter, due to nationwide lockdown in the month of April and May 2020, resulting in EBIT for the quarter ended June 2020 at negative ₹16.8 Crore as against ₹5.4 crore in the corresponding period.

Railway Equipment Division (RED)
Revenue for the quarter ended June 2020 was at ₹54.9 crore as against ₹118.1 crore in last year same quarter. EBIT margin declined to 2.6% in quarter ended June 2020 as compared to 20.0% in last year same quarter, due to reduced sales. Due to the outbreak of COVID-19 pandemic, the production of coaches and locomotive across all Railway units has been affected. Current order book as of 30th June 2020 is more-than ₹480 crore that will be executed in the next 12-15 months.

The reviewed accounts for the quarter ended June 2020 have been approved by the Board of Directors of Escorts Limited.
The Rules of Doing Business Have Changed

The Rules of Doing Business Have Changed

Looking at the key economic indicators, India’s economy is at a critical juncture. To bring the economy back on track, the Government should aggressively continue its ‘Build India’ mission Read More ...
Aparna Constructions launches Aparna Kanopy Yellow Bells in Hyderabad

Aparna Constructions launches Aparna Kanopy Yellow Bells in Hyderabad

Aparna Constructions and Estates Private Limited is investing INR 450 CR into their newest project in Telangana – Aparna Kanopy Yellow Bells. The residential gated community is located in Kompally, an emerging Read More ...
MSRDC gets nod for 18-km long multimodal corridor

MSRDC gets nod for 18-km long multimodal corridor

The Maharashtra Coastal Zone Management Authority (MCZMA) has recommended Maharashtra State Road Development Corporation's (MSRDC) proposal for the construction of an 18-km multimodal corridor Read More ...
Gujarat floats global tenders for ₹3,800-cr port project

Gujarat floats global tenders for ₹3,800-cr port project

Gujarat Government has floated tenders for the development of a greenfield port at Nargol in South Gujarat on Build, Own, Operate, Transfer (BOOT) model involving an investment of ₹3,800 crore. The project Read More ...
MoRTH approves ₹1,500-cr ring road in Ambala

MoRTH approves ₹1,500-cr ring road in Ambala

The Union transport ministry has approved ₹1,500-crore ring road project in Ambala. For the construction of this new project, the ministry has marked 41 villages in Ambala and nine in Mohali, Punjab Read More ...
NCRTC starts work on 3-km long tunnel at Anand Vihar

NCRTC starts work on 3-km long tunnel at Anand Vihar

After constructing the first pillar (pier) of the 82-km Delhi-Meerut Regional Rapid Transit System (RRTS) corridor's Delhi section, the project marked another milestone by starting tunnelling work for the underground Read More ...
UPMRC launches construction of Depot Line in Agra

UPMRC launches construction of Depot Line in Agra

The Uttar Pradesh Metro Rail Corporation (UPMRC) has started the construction of a depot line for Agra Metro project, which is being constructed for the Line-1 (14.24 km) of Agra Metro from Sikandra to Taj East Gate Read More ...
NCRTC starts work on Delhi-Alwar RRTS Corridor

NCRTC starts work on Delhi-Alwar RRTS Corridor

The construction of the Delhi-Alwar Regional Rapid Transit System (RRTS) corridor has gained momentum with the National Capital Region Transport Corporation starting the groundwork for shifting of four Read More ...
UP launches ₹628-cr road along Upper Ganga Canal

UP launches ₹628-cr road along Upper Ganga Canal

The public works department of UP Government has started construction work on the 111-km long road along the Upper Ganga canal passing through Ghaziabad and Meerut to reach Muzaffarnagar. The corridor Read More ...
MoRTH clears a slew of road & bridge projects in Bihar

MoRTH clears a slew of road & bridge projects in Bihar

The Union transport minister has approved the construction of a four-lane bridge parallel to JP Setu over the Ganga River in Patna, and a 4-km-long six-lane road between Koilwar and Bihta, and declared Patna-Areraj Read More ...
Decks cleared for six-lane highway project in Andhra Pradesh

Decks cleared for six-lane highway project in Andhra Pradesh

The flyover across Krishna River to connect the capital city region of Amaravati in Guntur and Krishna districts in Andhra Pradesh has now become reality as the state government has resolved issues of land acquisition Read More ...
Rajesh Kamath to head thyssenkrupp Industrial Solutions India

Rajesh Kamath to head thyssenkrupp Industrial Solutions India

Rajesh Kamath will head thyssenkrupp Industrial Solutions India, the plant engineering group company of thyssenkrupp Industrial Solutions AG (BU Uhde) in India. Kamath will take over the reins of the Indian EPC Read More ...
DMRC unveils inter-connectivity between Green & Pink lines

DMRC unveils inter-connectivity between Green & Pink lines

The Delhi Metro Rail Corporation has planned to provide inter-connectivity between the Green and Pink Lines at the Punjabi Bagh West Metro station of the Pink Line. Delhi Metro is constructing an additional interchange Read More ...
Gadkari reviews progress of 5 expressways & 17 access controlled NHs

Gadkari reviews progress of 5 expressways & 17 access controlled NHs

Union Minister for Road Transport & Highways and MSME, Nitin Gadkari has reviewed the status of award, bidding and pre-construction activities related to five greenfield expressways and 17 access controlled Read More ...
GNIDA offers industrial plots at Ecotech-10 in NCR

GNIDA offers industrial plots at Ecotech-10 in NCR

The Greater Noida Industrial Development Authority (GNIDA) has launched a second industrial plot scheme in Ecotech-10 whereby about 74.5 acres of landmarked to be allotted as industrial plots of different Read More ...
TN plans to build five flyovers worth ₹500-cr

TN plans to build five flyovers worth ₹500-cr

The Tamil Nadu Government has planned to build five flyovers on Rajiv Gandhi Salai (Old Mahabalipuram Road) to decongest the busy IT corridor involving an investment of ₹500 crore. State PWD Read More ...
NHAI takes up ₹1,500-cr road project in Bihar

NHAI takes up ₹1,500-cr road project in Bihar

The Union ministry of road transport and highways (MoRTH) has given its clearance to build a 104-km long road from Manikpur to Areraj in East Champaran into a four-lane via Sahebganj. It will later connect to Read More ...
TNHB launches construction of high-rise towers

TNHB launches construction of high-rise towers

The Tamil Nadu Housing Board (TNHB) has started the construction work on the city's first high-rise residential project for the high-income group (HIG) category in Varaganeri. The board will also build a high-rise Read More ...
×
Sign-up for Free Subscription
'India Construction Week'
Weekly e-Newsletter on Construction Industry
Get the latest news, product launches, projects announced / awarded, government policies, investments, and expert views.
Click here to subscribe.